Advertisement

Sears Canada Granted OK to Liquidate Remaining Stores

Sears Canada Granted OK to Liquidate Remaining Stores

October 13, 2017 05:48 PM

TORONTO (AP) - Sears Canada has received court approval to liquidate all its remaining stores, putting 12,000 employees out of a job. The stores include one in Thunder Bay's Intercity Mall.

Advertisement – Content Continues Below

Ontario Superior Court heard Friday that despite weeks of discussion, no viable buyer has been found.

Justice Glenn Hainey approved Sears Canada's motion to liquidate its remaining 130 stores and said he was satisfied there was no viable alternative.

The embattled retailer sought protection from its creditors in June.

A buyer group led by Sears Canada executive chairman Brandon Stranzl had been in discussions to purchase the retailer and continue to operate it. But a lawyer for Sears Canada told the court that although it had remained optimistic, no executable transaction exists.

Sears Canada closed 20 stores in June.


WDIO

Copyright 2017 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Semi Truck Collides with Train Near Cotton; No Injuries

Protesters, Concerned About Riot Gear, Interrupt Duluth Council Meeting

Two More Virginia Residents Treated for Carbon Monoxide Poisoning

Protesters March Against Enbridge Line 3 Project

Two Men Rescued After Falling Through Ice on the Range

Duluth Asks for Feedback on Superior Street Lighting

Advertisement